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Commentary: A Value Perspective of Family Firms

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  • Wenlong Yuan
  • Zhenyu Wu

Abstract

This commentary extends Hillier, Martínez, Patel, Pindado, and Requejo (2018) by placing their insights within a wider context of the debate between the agency theory and stewardship theory. To reconcile the conflicts between the two theories, we propose a family-value perspective to incorporate the intrinsic heterogeneity of family firms. We highlight how different family values may lead to different strategic behavior and how various theoretical perspectives may be best used to describe the behavior of family firms with certain specific values.

Suggested Citation

  • Wenlong Yuan & Zhenyu Wu, 2018. "Commentary: A Value Perspective of Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 283-289, March.
    • Handle: RePEc:sae:entthe:v:42:y:2018:i:2:p:283-289
    DOI: 10.1177/1042258717748934
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    References listed on IDEAS

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    1. Aldrich, Howard E. & Cliff, Jennifer E., 2003. "The pervasive effects of family on entrepreneurship: toward a family embeddedness perspective," Journal of Business Venturing, Elsevier, vol. 18(5), pages 573-596, September.
    2. David Hillier & Beatriz Martínez & Pankaj C. Patel & Julio Pindado & Ignacio Requejo, 2018. "Pound of Flesh? Debt Contract Strictness and Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 259-282, March.
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    Cited by:

    1. Marleen Dieleman & Juliette Koning, 2020. "Articulating Values Through Identity Work: Advancing Family Business Ethics Research," Journal of Business Ethics, Springer, vol. 163(4), pages 675-687, May.
    2. James J. Chrisman & Jess H. Chua & Isabelle Le Breton-Miller & Danny Miller & Lloyd P. Steier, 2018. "Governance Mechanisms and Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 171-186, March.

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